This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Trio-Tech Reports Sharply Narrower Second Quarter Net Loss As Revenue Increases 11.1%

Stocks in this article: TRT

Trio-Tech International (NYSE MKT:TRT) today announced financial results for the second quarter and first half of fiscal 2013.

For the three months ended December 31, 2012, revenue increased 11.1% to $7,351,000, compared to $6,619,000 for last year's second quarter. The net loss attributable to Trio-Tech common shareholders for the second quarter of fiscal 2013 decreased to $506,000, or $0.15 per share. This compares to a net loss for the second quarter of fiscal 2012 of $1,203,000, or $0.36 per share.

For the six months ended December 31, 2012, revenue increased 10.9% to $17,098,000, compared to $15,418,000 for last year's first half. The net loss attributable to Trio-Tech common shareholders for the first six months of fiscal 2013 narrowed to $523,000, or $0.16 per share, compared to a net loss for the first six months of fiscal 2012 of $2,007,000, or $0.60 per share.

Cash provided by operations for the first six months of fiscal 2013 was $3,646,000, compared to cash used by operations for the first six months of fiscal 2012 of $1,754,000. Shareholders' equity at December 31, 2012 was $21,132,000, or $6.36 per outstanding share, compared to $20,556,000, or $6.25 per outstanding share, at June 30, 2012.

"Our core operations performed well in the second quarter, and our cash position is improving. Revenue from semiconductor testing services was up 33.9%, driven by higher testing volume in our Malaysia, Thailand and China operations, while sales of semiconductor test products increased 3.6%. Benefitting from the growth in revenue, gross margin for this year's second quarter improved to 18.3% compared to 11.4% a year ago, while operating expenses decreased 18.2%, reflecting our commitment to control costs. We are optimistic about the outlook for our testing business, especially in China," said SW Yong, Trio-Tech's CEO.

As previously announced, effective on December 31, 2012, the Company terminated the lease on the yard in Batam, Indonesia used for its oil and gas equipment fabrication business. Yong noted that this will contribute to further cost reductions beginning in the current quarter.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs